GenVec cancer, infectious news

GenVec's board adopted a new shareholder rights plan to replace the company's previous rights plan, which was set to expire Sept. 7. Under the plan, shareholders of record on Sept. 7 will be given a preferred stock right for each common share held. Each right will become exercisable if any hostile party acquires more than 20% of the company's outstanding shares. The right, which expires Sept. 7, 2021, and has an initial purchase price of $32, entitles the rights holder to purchase $32 in common shares at a 50% discount to market prices. GenVec said the plan is not in response to any specific proposal to acquire the company. The previous 10-year plan set an initial purchase price of $50 per right. ...